Kalshi CEO on perpetual futures trading: 'The demand is there'

Summary

Kalshi CEO Tarek Mansour discusses the launch of perpetual futures, which crossed $1 billion in notional volume in one week. He argues the product improves retail access by avoiding expiration and rollover fees, and pushes back on leverage and risk-criticism. The competitive threat to incumbent exchanges like CME is noted, while finance market contracts on Kalshi are growing faster than sports and politics.

• Kalshi's perpetual futures reached $1 billion notional volume within one week of launch.
• Perpetual futures avoid expiration and rollover fees, making them simpler and cheaper for retail.
• The product is CFTC-regulated, a first in the U.S.
• Leverage offered is around 6x, lower than many CME retail futures (e.g., S&P 15x).
• Incumbent exchanges dislike perpetuals due to competitive fee pressure.
• Finance market contracts on Kalshi are growing faster than sports and politics.
• The company aims to build a next-generation exchange capturing a broader set of assets.